Target shareholders re-elected the existing board, rejecting a slate nominated by hedge-fund manager William Ackman after two months of contentious arguments, reports Bloomberg.
Target’s board won more than 70 percent of the vote, according to CEO Gregg Steinhafel. Target also voted to keep the board at 12 seats, instead of the 13 proposed by Ackman, who heads Pershing Square Capital Management LP and controls the third-largest stake in the company.
Ackman nominated himself and four other candidates to the Target board in March, saying the current board lacks experience and expertise in credit cards, real estate, and groceries. He believes the board has failed to position itself well for the recession.
Shareholders re-elected Richard Kovacevich, chairman of Wells Fargo & Co.; Mary Dillon, global chief marketing officer at McDonald’s Corp.; George Tamke, a partner at private-equity firm Clayton, Dubilier & Rice; and Solomon Trujillo, former CEO of Telstra, an Australian telecommunications company.